On a 5 mg vial every percentage point of water and counter-ion is 0.05 mg, so the answer is a multiplication once you have the net peptide content off the certificate. Settle first whether the 5 mg on the label is gross fill or net peptide, because the two differ by exactly the quantity being asked about. If the certificate quotes net peptide content of 85 per cent, a 5 mg gross fill holds 4.25 mg of peptide; at 78 per cent it holds 3.9 mg. That 0.35 mg gap is 7 per cent of the label, larger than any purity difference anybody argues about, and it is invisible to a purity figure because water and acetate are not impurity peaks. Amino acid analysis or a nitrogen determination gives you the number; an HPLC area per cent never will.
The relevant detail is that two measures of the same vial can agree on purity and disagree on content by a few per cent, which usually means the content assay used a different standard.
Water content and counter-ion content are part of the gross mass but not part of the content assay result, which is why the two do not sum to label claim.
A content assay is always paired with a purity assay because purity tells you what fraction of the measured mass is the target and content tells you the total measured mass.
The limitation is that a quantitative method is only as good as the standard it uses, and a cheap standard is a false economy.
Ask for both the purity and the content, and do not accept purity alone.